JOIN USBank permitted to sell 2 aircraft of Deccan 360
The High Court on Tuesday permitted the Axis Bank Ltd to sell two aircraft of Deccan Cargo and Express Logistics Pvt Ltd (Deccan 360), owned by civil aviation entrepreneur Captain G R Gopinath, to recover a loan of Rs 260 crore.
Hearing an interlocutory application by the bank, Justice Anand Byrareddy permitted it to sell off the two aircraft. The bank mentioned that two aircraft — ATR 72-202 aircraft MSN 455 and ATR 72-202 aircraft MSN 456 owned by the company — have been registered with the Directorate General of Civil Aviation.
Directions sought
He said the bank had opted to stay outside the winding-up proceedings and recover its dues, and sought directions of the court.
Stating that there is a need to sell these aircraft immediately, the counsel said, “If the sale is not effected immediately, the realisable value of the aircraft is likely to go down considerably with the passage of time.”
The interests of the bank would be irreparably damaged and the chances of realising its dues would become bleak.”
The court then permitted the bank to go ahead with the process to sell the aircraft. On June 11, 2013, the court had ordered that the firm be wound up.